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Universal Health Realty Income Trust (UHT-0.93%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $4.0 million from $3.9 million in the same quarter the previous year. This increase was primarily due to higher income generated at various properties.
Revenues for the quarter increased slightly to $24.5 million from $24.2 million in the previous year. The increase was attributed to net income growth at several properties, including a medical office building acquired in McAllen, Texas.
Interest expense for the quarter was $4.8 million, up from $4.5 million in the previous year. This increase was due to higher average borrowings and a slight increase in borrowing rates.
Net cash provided by operating activities was $33.8 million for the nine months ended September 30, 2024, compared to $32.5 million in the previous year. The increase was driven by higher net income and adjustments for non-cash expenses.
During the nine-month period, net cash used in investing activities was $11.2 million, primarily for equity investments in LLCs and real estate additions. This was a decrease from $19.8 million in the previous year.
The company paid $30.2 million in dividends during the nine-month period, compared to $29.8 million in the previous year. Operating cash flows were sufficient to cover these dividends.
Universal Health Realty Income Trust's Credit Agreement was amended on September 30, 2024, extending the maturity date to September 30, 2028, and increasing borrowing capacity to $425 million.
The company continues to monitor its capital structure, balancing borrowings, mortgage debt, and equity to support growth and meet financial obligations.
Universal Health Realty Income Trust's financial instruments include interest rate swaps to manage exposure to changes in interest rates. The fair value of these swaps was a net asset of $3.3 million as of September 30, 2024.
The filing also discusses the company's relationship with Universal Health Services, Inc. (UHS+0.68%) (UHS), which is a significant tenant and advisor, contributing approximately 40% of consolidated revenues for the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Universal Health Realty Income Trust quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.